FREE is very early in its non-compliance issues on NASDAQ (so rev split risk not a worry in this trade equation for a year if they're still under 1.00), and they're fixing their balance sheet. Considering that shippers are overall looking good here with the Baltic Index stabilizing and possibly rising, & while the price FREE sits at has priced in Bankruptcy, it actually is not crazy to anticipate a decent chance at 1.00+.
I'm not presuming 1.00+, but it is possible more than most would realize. I've seen many situations like this prove to be multi-baggers later on.
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